Econic Technologies, the UK-based catalyst technology company, has announced the successful completion of its current fundraise with the close of the second multimillion pound round.
Econic says the funding will be used to support the company through the commercialisation of its catalyst and process technology, which enables CO2 to be used to produce polymers.
This latest round follows the first close in April of this year, which was led by OGCI Climate Investments and Capricorn Sustainable Chemistry Fund. Joining them in this Series D second tranche are CM Venture Capital Fund III, LP, GC Ventures Company Limited and ING Sustainable Investments B.V. for a total raise of £10.4m (US$12.45m).
As a greenhouse gas, CO2 is regarded as a waste product today, whose capture and storage is a significant cost to emitters. Econic’s catalyst technology efficiently converts captured CO2 into a usable raw material, replacing oil-based raw materials as a sustainable carbon source to help reduce dependence on oil. Initially serving the polyurethane industry - the CO2 is currently incorporated into the polyol component - Econic’s technology allows customers to monetise CO2, while lowering their carbon footprint and to meet consumer demand for more sustainable products.
"We are delighted to have the funds to commercialise our technology and thank our existing and new investors for their support to complete this raise. With record high temperatures and soaring oil prices, the timing is right for Econic Technologies,” said Keith Wiggins, CEO, Econic Technologies.
Awareness is growing and commercial momentum is building for Econic’s technology, demonstrated by the recent announcement of two major licensing deals, with leading Chinese polyol and polyurethanes company Changhua Chemical Technology Company Ltd and Manali Petrochemicals Limited, the market leader and only integrated polyol producer in India.
However, the potential of Econic’s carbon-to-value technology goes beyond the polyurethane market. The company also recently announced novel CO2 surfactant development, supported by the UK government grant from the Department for Business, Energy & Industrial Strategy.
Econic Technologies licenses and sells innovative catalyst and processes technology for the manufacture of CO2 containing polymers used in essential everyday products. The use of CO2 sustainably displaces conventional oil-based feedstocks and complements bio-based raw materials, to create more cost effective, higher performing, end products. Econic was founded in 2011 by Prof. Charlotte Williams, at Imperial College London.